Baltic index hits over 2-week peak on firm demand for larger vessels
The Baltic Exchange’s dry bulk sea freight index rose to a more than two-week high on Monday, supported by higher rates for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 23 points, or about 1.7%, to 1,347.
The capesize index (.BACI) added 56 points, or about 3.5%, to 1,669, the highest level since Oct. 28.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, were up $472 at $13,845.
The panamax index (.BPNI) was up 17 points, or about 1.2%, to 1,496.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $158 to $13,468.
The supramax index (.BSIS) edged 2 points lower to 1,180.
Iron ore futures in Singapore slumped more than 3% on Monday, retreating after a three-day climb, as protests against stringent COVID-19 restrictions in top steel producer China prompted caution.